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30 Cards in this Set
- Front
- Back
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Property is either...
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personal property or real property
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Personal property is
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movable fby law
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Other names for personal property are
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chose or chattel
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Examples of personal property are
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cloth, jewelry, automobiles, furniture, stocks, money, contracts, mortgages, and trade fixtures
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When property is sold, one uses a ... to transfer title.
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bill of sale
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When real property is sold, the title is transferred by the delivery of a...
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deed
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Define real property...
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immovable by law; rights, interests, and benefits (a bundle of rights) which are automatically in the ownership of the land or real estate the owner owns
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Views property ownership rights as a large bundle of sticks
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bundle of rights theory
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Rights included in the bundle of rights theory
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right to possess; right to use; right to enjoy; right to encumber; right to dispose, right to exclude
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Define real estate
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land at, above, and below the earth's surface, plus all things permanetnly attached to it such as buildings, trees, whether natural or artificial.
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The difference between real estate and land
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land = natural components of the land
real estate = land plus man-made improvements |
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Define real estate
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Land, Anything affixed to the land, Anything that is appurtenant (runs with) the land and which is immovable by law.
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Define land
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material of the earth including surface rights, air rights, and subsurface rights
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Emblements
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growing crops which are considered personal property
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Until when are industrial crops considered real property?
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Until they are severed, mortgaged, or sold
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What are fixtures?
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Things that were originally personal property, but have been attached and have become part of the real property
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What acronym describes 5 tests to determine if an item is a fixture or not
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MARIA
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Describe MARIA
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M- Method of attachment
A- Adaptability R- Relatonship between parties I-Intention of the person who attached it A-Agreements establish who has the right to the fixture |
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Define trade fixtures
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personal property used in the normal course of business
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What are the components of real estate?
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Land
Anything affixed or attached Appurtenant or incidental to land |
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What are easements
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right to use other's land; usually the right to cross a person's land
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What is a mutual water company
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non-profit company organized by or for water users in a specific district to develop and furnish water to its stockholders at reasonable rates.
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What is appurtenance?
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something that is outside the property, but considered a part of the property, by right, is used by the land for its benefit. ex: easements, and stock in mutual water company
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Give an example of the change of status of property from personal to real...
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Kitchen cabinets before being attached to a wall are personal property; afterward they are real property.
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Characteristics of land
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immobility
indestructability uniqueness |
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what is an estate?
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an interest in property
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what does an estate in land define?
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degree, quantity, nature, and extent of an owner's interest in real property
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Are all interests in real estate considered estates? Why?
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No. To be an estate in land, an interest must allow possession and must be measurable by duration. ex: easements are not estates
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Estates are classified by
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duration
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2 classifications of estates
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freehold estates & less-than-freehold estates
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